Do you feel like this is peak leverage for the company at the current time? And what type of leverage target would you have for 2017, given the earnings outlook?

do you feel like this is peak leverage for the company at the current time and what type of leverage target would you have for 2017 given the earnings outlook


I am so proud to be able to announce today that Forbes, for the second consecutive year, has named us the Best Bank in America.

i am so proud to be able to announce today that forbes for the second consecutive year has named us the best bank in america


Real estate is a local business. So ensuring that we have great regional talent and a deep bench is important for Crombie to optimize the performance of our national portfolio and take advantage of our growing development pipeline.

real estate is a local business so ensuring that we have great regional talent and a deep bench is important for crombie to optimize the performance of our national portfolio and take advantage of our growing development pipeline


Interest is pretty close to the same, maybe a very modest headwind depending on what rates actually end up doing. And then we clearly are going to have

interest is pretty close to the same maybe a very modest headwind depending on what rates actually end up doing and then we clearly are going to have


The changes are new to us or anyone else in this market. We're working closely with our clients and our partners in the industry, and we've been making tremendous progress, especially on our Total Audience Measurement strategy.

the change isn't new to us or anyone else in this market we're working closely with our clients and our partners in the industry and we've been making tremendous progress especially on our total audience measurement strategy


The results we have reported today speak to the progress we have made. We remain confident about Puerto Rico. We continue to improve our information technology and medical management infrastructure.

the results we have reported today speak to the progress we have made we remain confident about puerto rico we continue to improve our information technology and medical management infrastructure


We'll invest approximately, don't hold me to it, but approximately 1 to 3 years after founding when the initial proof of concept has been demonstrated.

we will invest approximately don't hold me to it but approximately 1 to 3 years after founding when the initial proof of concept has been demonstrated


And third, in conjunction with this election, we've adopted a dividend policy that will allow investors to better appreciate the underlying stability and growth of our core management fee business.

and third in conjunction with this election we've adopted a dividend policy that will allow investors to better appreciate the underlying stability and growth of our core management fee business


Jay, the other thing just to note is our new product offerings continued to sparkle with the consumer. So we consistently get a higher order and absorption pace

jay the other thing just to note is our new product offerings continue to sparkle with the consumer so we consistently get a higher order and absorption pace


So if we ever look through the second half and I look to next year, do you find that this is a genuine trend that is helping you? And was this confirmed in the second quarter?

so if i look through the second half and i look to next year do you find that this is a genuine trend that is helping you and was this confirmed in the second quarter


Our wins on the HondaJet aileron, flap assemblies and engine pylons would not have been possible without the existing customer relationship with our Engineering Services business

our wins on the honda jet ailerons flap assemblies and engine pylons would not have been possible without the existing customer relationship with our engineering services business


You can be very creative. You can create lots of different scenarios. However, it's difficult to do that with noodles. You cannot ask consumers to imagine,

you can be very creative you can create lots of different scenarios however it's difficult to do that with noodles you cannot ask consumers to imagine


in the second quarter or third or fourth we may end up breaking even or even making a slight profit since we're incurring expenses now for stuff that's going to be delivered later on this year?

in the second quarter or third or fourth we may end up breaking even or even making a slight profit since we're incurring expenses now for stuff that is going to be delivered later on this year


as the quarters proceed? Yes, we think it is important to a hub to do a press release so his suppliers

as the quarters proceed yes we think it is important to a hub to do a press release so his suppliers


no change in that. What we are seeing is people are still flying to these destinations but staying for a shorter period of time. So it's not impacting on us in the same way that it's maybe impacting on other elements

no change in that what we are seeing is people are still flying to these destinations but staying for a shorter period of time so it's not impacting on us in the same way as it's maybe impacting on other elements


On October 5, it was announced that Honda and Yamaha Motor Company Limited have begun discussions toward a possible business alliance in the Japanese market in the Class 1 category,

on october 5 it was announced that honda and yamaha motor company limited have begun discussions toward a possible business alliance in the japanese market in the class 1 category


the under allocation is most pronounced is both in the wealth and what I would call the retirement channel, the defined contribution channel, which as you know, we've been adding

the under-allocation is most pronounced is both in the wealth and what i would call the retirement channel the defined contribution channel which as you know we've been adding


the cost of production and the time to market or deliver to customers. Specific to the other more established players, some of them use contractors to manufacture their products,

the cost of production and the time to market or deliver to customers specific to the other more established players some of them use contractors to manufacture their products


In addition to continued secular declines and modest price reductions in prints, there were a couple of projects in the second quarter of 2017 that did not repeat this year.

in addition to continued secular declines and modest price reductions in print there were a couple of projects in the second quarter of 2017 that did not repeat this year


We expressly disclaim any obligation to do so. More detailed information about risk factors can be found in our annual and quarterly reports filed with the SEC. I will now turn the call over to Willy.

we expressly disclaim any obligation to do so more detailed information about risk factors can be found in our annual and quarterly reports filed with the sec i will now turn the call over to willie


The effectiveness of our strategy to have focus on magnetic customers and infrastructure to build vibrant communities of interest that drive enormous value from being located in highly connected data centers.

the effectiveness of our strategy through a focus on magnetic customers and infrastructure to build vibrant communities of interest that drive enormous value from being located in highly connected data centers


But it's primarily just shifting some stuff out a little bit that we do expect we'll be getting on later in the year.

but it's primarily just shifting some stuff out a little bit that we do expect we'll be getting on later in the year


In addition, we saw a number of sizable convective storms across the northern plains states that resulted in hail and other physical damage to both auto and property exposures.

in addition we saw a number of sizable convective storms across the northern plain states that resulted in hail and other physical damage to both auto and property exposures


That's a key reason as to why the first quarter got off to a bit of a slow start. However, the good news is that we have a terrific group in place today and are approaching a full national coverage as we stand.

that's a key reason as to why the first quarter got off to a bit of a slow start however the good news is that we have a terrific group in place today and are approaching a full national coverage as we stand


and we were able to rebound very nicely in the following 2 months, that obviously made up for any trend that we were fearful of coming out of April.

and we were able to rebound very nicely in the following 2 months that obviously made up for any trend that we were fearful of coming out of april


into having most of the project in operation by the end of 2017. This gives us significant flexibility in our ability to adapt to our CapEx plan for

into having most of the project in operation by end of 2017 this gives us significant flexibility in our ability to adapt to our capex plan for


Finally, as we work to provide you with more insight into our business, we added new asset disclosures this quarter on our corporate advisory and centrally managed platforms, which we hope you find helpful.

finally as we work to provide you with more insight into our business we added new asset disclosures this quarter on our corporate advisory and centrally managed platforms which we hope you find helpful


We must plan for this continued growth in a prudent manner to ensure safe, clean, reliable and affordable delivery of electricity to all our customers. At this time, I'll hand the call over to Nathan, who will discuss our financial results.

we must plan for this continued growth in a prudent manner to ensure safe clean reliable and affordable delivery of electricity to all our customers at this time i'll hand the call over to nathan who will discuss our financial results


on certain country head positions, but also the right changes with regard to how we want to drive marketing and sales from a commercial execution perspective. So I feel good about

on certain country head positions but also the right changes with regard to how we want to drive marketing and sales from a commercial execution perspective so i feel good about


let's say, in line with the independent market in the first half year for us, so think in terms of somewhat of a flattish, slightly up business on the independent side.

i'd say in line with the independent market in the first half year for us we think in terms of somewhat of a flattish slightly up business on the independents side


On the other hand, if we look at this over time and we say, okay, we've done what we know we can do, we've made great wells, but they're just not going to compete with the kind of things that we have in our Permian inventory, for example.

on the other hand if we look at this over time and we say okay we've done what we know we can do we've made great wells but they're just not going to compete with the kind of things that we have in our permian inventory for example


Top line growth was once again among the best in the industry as we benefited from solid performance in core categories, led by sales of stocked products.

top line growth was once again among the best in the industry as we benefited from solid performance in core categories led by sales of stocked products


which has been a strong performing market for RGP. This is a new function in the executive team and one which will help us move from a primarily geographically-focused client service delivery model

which has been a strong performing market for rgp this is a new function in the executive team and one which will help us move from a primarily geographically focused client service delivery model


And we wanted to provide you with a little bit more description around the Data Center market and what we're doing in this market.

and we wanted to provide you with a little bit more description around the data center market and what we're doing in this market


some corporate and non-BQ-related issuance and underwriting. And so while you have seen other institutions, in fact, some of the largest banks in the country report

some corporate and non-bq related issuance and underwriting and so while you have seen other institutions in fact some of the largest banks in the country report


Thanks, Phil, and good morning, everyone. Let's begin on Page 5. We are pleased with our start to the year and results that were in line with the outlook we presented back in May.

thanks phil and good morning everyone let's begin on page 5 we are pleased with our start to the year and results that were in line with the outlook we presented back in may


was attributable you put to execution issues. And I'm guessing, obviously, most of that was unexpected. Do you see -- part of that gets recaptured here in the second quarter, it sounds like. But

was attributable you put to execution issues and i'm guessing obviously most of that was unexpected do you see -- part of that gets recaptured here in the second quarter it sounds like but


We remain focused on providing a superior and consistent experience at every touch point for our customers through innovation, quality service and personalized attention.

we remain focused on providing a superior and consistent experience at every touch point for our customers through innovation quality service and personalized attention


delivering digital forensic solutions to identify assets, forensic accounting solutions to determine the sources and uses of funds, and the overall impact of the misconduct.

delivering digital forensic solutions to identify assets forensic accounting solutions to determine the sources and uses of funds and the overall impact of the misconduct


You will see us work to increase that proactively going into '19. This is one of the key things that Allan and TJ have diagnosed as a big opportunity for FGL heading into next year.

you will see us work to increase that proactively going into '19 this is one of the key things that alan and tj have diagnosed as a big opportunity for fgl heading into next year


I think we passed the final test just last week that we wanted to get through to show that we had the right product working and doing the right things, and we are preparing our submission to FDA to set up that meeting.

i think we passed the final test just last week that we wanted to get through to show that we had the right product working and doing the right things and we are preparing our submission to fda to set up that meeting


We are investing a significant amount of time meeting WIL's management and continue to be very impressed with their scientific expertise, operational capabilities and client focus.

we are investing a significant amount of time meeting wells management and continue to be very impressed with their scientific expertise operational capabilities and client focus


And secondly, it also contradicts the key claims that the government had made in both of the cases, where it argued that it was acting in the best interest of Fannie and Freddie by reducing what the company would have otherwise

and secondly it also contradicts the key claims that the government has made in both of the cases where it argued that it was acting in the best interest of fannie and freddie by reducing what the company would have otherwise


With that, I will now turn the call over to Larry. Thanks, Jay, and good morning, everyone. As always we appreciate your time and your interest in Ellington Financial. On our call today I will first give an overview of the quarter.

with that i will now turn the call over to larry thanks jane good morning everyone as always we appreciate your time and your interest in ellington financial on our call today i will first give an overview of the quarter


So we're getting a little bit better concentration with dealers who were only partially Trex. They're going a little bit stronger, and that's enabled us to see a good growth at this point.

so we're getting a little bit better concentration with dealers who were only partially tracs they're going a little bit stronger and that's enabled us to see a good growth at this point


that would tell us that we should be seeing increases through 2017. The other thing to remember is we do buy recycled material and recycled material

that would tell us that we should be seeing increases through 2017 the other thing to remember is we do buy recycled material and recycled material


raise capital to fund a couple of new deals, we will certainly do that, and we would look to do that in a number of ways and including maybe looking to stretch our seniors if we needed to over a short period of time.

raise capital to fund a couple of new deals we'd certainly do that and we would look to do that in a number of ways and including maybe looking to stretch our seniors if we needed to over a short period of time


And what we're building is the ability of our business to be repeatable. And when I look back and I say, I don't know how great our product was in the last couple of years or how great our storytelling was. This isn't about any individual.

and what we're building is the ability for our business to be repeatable and when i look back and i say i don't know how great our product was in the last couple of years or how great our storytelling was this isn't about any individual


Our Monro Playbook is made up of standardized in-store operating procedures that include clearly defined roles and responsibilities for our teammates with a focus on service quality.

our monroe playbook is made up of standardized in-store operating procedures that include clearly defined roles and responsibilities for our teammates with a focus on service quality


We therefore believe we'll be able to demonstrate to the commission and the independent evaluator that this project meets and exceeds the reasonable cost standard and represents tremendous value to our customers.

we therefore believe we'll be able to demonstrate to the commission and the independent evaluator that this project meets and exceeds the reasonable cost standard and represents tremendous value to our customers


Over the last several years, we established a very strong position as the leading supplier of proprietary agents that are critical for successful cell and gene therapy manufacturing,

over the last several years we established a very strong position as the leading supplier of proprietary agents that are critical for successful cell and gene therapy manufacturing


or considered as a substitute for measures of financial performance prepared in accordance with GAAP. They are included to aid investors in further understanding the company's performance

or considered as a substitute for measures of financial performance prepared in accordance with gaap they are included to aid investors in further understanding the company's performance


Yes, I mean, so mortgage rates have gone lower on a relative basis but candidly, they're still high enough that we don't expect

yes i mean so mortgage rates have gone lower on a relative basis but candidly they're still high enough that we don't expect


I'll come back to this slide and some of the entrances in it in the months to come, but I can tell you that we have more opportunities

i'll come back to this slide and some of the entries in it in the months to come but i can tell you that we have more opportunities


restructuring actions are largely behind the company now in terms of the cost? Are there any additional actions that could be taken in FY '17 and how are you thinking about

restructuring actions are largely behind the company now in terms of the costs are there any additional actions that could be taken in fy '17 and how are you thinking about


And the point that Fred was making earlier, is that there is a lot of value to be created by starting to collaborate and combine those decisions. But today,

and the point that fred was making earlier is that there's a lot of value to be created by starting to collaborate and combine those decisions but today


that sale of sub-acquiring, which is a more recent product. And I know that you are now training your sales force, and that event next week is very important.

that sale of sub-acquiring which is a more recent product and i know that you are now training your sales force and that event next week is very important so


And keep in mind also have the ability to build another gigawatt under the safe harbor and 300 megawatts that we can then repower that again aren't even in our forecast at this point.

and keep in mind we also have the ability to build another gigawatt under the safe harbor and 300 megawatts that we can then repower that again aren't even in our forecast at this point


can impact your profitability there. So I think that's the only thing we're now going back and looking at what does that truly mean if that business grows disproportionately to our total business.

can impact your profitability there so i think that's the only thing we're now going back and looking at what does that truly mean if that business grows disproportionately to our total business


Additionally, with the redundancy of natural gas pipelines that we own in Louisiana, we have the unique opportunity for accretive conversions of pipe into alternative commodity services.

additionally with the redundancy of natural gas pipelines that we own in louisiana we have the unique opportunity for accretive conversions of pipe into alternative commodity services


what should investors think about State Street for the past decade, given the success of these programs, but then the bottom line not really changing as much? What's your more fresh perspective?

what should investors think about state street for the past decade given the success of these programs but then the bottom line not really changing as much what's your more fresh perspective


We caution you that the actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with the SEC.

we caution you that the actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors information concerning these factors can be found in the company's filings with the sec


We have provided alternative metrics which adjust for this. As you can see, these are broadly similar to the prior year and comfortably above the levels expected for the 9-months credit rating.

we have provided alternative metrics which adjust for this as you can see these are broadly similar to the prior year and comfortably above the levels expected for an a-minus credit rating


and that is also taken to heart every day by our team members. I have said this before, if people give Crexendo's Ride The Cloud services and products a try,

and that is also taken to heart every day by our team members i have said this before if people give crescendos ride the cloud services and products a try


are things that actually help us win deals. Our competition is pretty static when it comes to doing these sorts of things for their

are things that actually help us win deals our competition is pretty static when it comes to doing these sorts of things for their


to take a decision on what is the best for us as a firm. And obviously, for the shareholders. We'll balance that between the 2. Next question on the phone.

to take a decision on what is the best for us as a firm and obviously for the shareholders we'll balance that between the 2 next question on the phone


a future potential reduction in cash interest coupled with high insider stock ownership, Entercom clearly is an attractive platform for both debt and equity investors.

a future potential reduction in cash interest coupled with high insider stock ownership entercom clearly is an attractive platform for both debt and equity investors


that was essentially positioned more towards Polo. We've started to undertake conversion of some of those stores, 2 stand-alone Polo stores versus the hybrid

that was essentially positioned more towards polo we've started to undertake conversion of some of those stores to stand-alone polo stores versus a hybrid


of 8 companies we acquired in 2016, and the focus and dedication of our 5,000-plus team members on ensuring that our customers are always our top priority and are provided the highest level of quality service.

of 8 companies we acquired in 2016 and the focus and dedication of our 5 000-plus team members on ensuring that our customers are always our top priority and are provided the highest level of quality service


that allows us to continue to execute on our strategic plan and face any challenges head on with the ultimate goal to always serve our customers at the highest level and provide quality, service and shareholder value for the years to come.

that allows us to continue to execute on our strategic plan and face any challenges head-on with the ultimate goal to always serve our customers at the highest level and provide quality service and shareholder value for the years to come


below the prior forecast of 7,000 vehicles. This better positions the used vehicle inventory going into next year as it will allow us to reduce the use of wholesaling and benefit pricing.

below the prior forecast of 7 000 vehicles this better positions the used vehicle inventory going into next year as it will allow us to reduce the use of wholesaling and benefit pricing


If we were to look at our sales last year, we'd see a significant number of expansions in our customer base to start working on their Medicare line of business.

if we were to look at our sales last year we'd see a significant number of expansions in our customer base to start working on their medicare line of business


requiring consolidation in the vendor community. And we think we have a competitive leg up. I think the other part that gives us a competitive

requiring consolidation in the vendor community and we think we have a competitive lag up i think the other part that gives us a competitive


to the deployment, both remotely in the field and then in the back office. And I think we're investing substantially in that area because I think that's where the future is.

to the deployment both remotely in the field and then in the back office and i think we're investing substantially in that area because i think that's where the future is


These include statements regarding our expectations around the development, safety and efficacy of our drug candidates, projected cash runway and expected future development activities.

these include statements regarding our expectations around the development safety and efficacy of our drug candidates projected cash runway and expected future development activities


So challenge expenses and advanced investments, I was thinking that this year we're going to have less of that. So for sales promotion and advertisements,

so challenge expenses and advanced investments i was thinking that this year we're going to have less of that so for sales promotion and advertisements


create an opportunity for us to possibly orchestrate and at least ask for the opportunity for that type of conversion. Few and far between going forward, but

create an opportunity for us to possibly horse trade and at least ask for the opportunity for that type of conversion few and far between going forward but


Last year, we had already implemented a number of process improvements in equipment forecasting and quoting, these rolled out in specific areas of the business and we are beginning to see the benefits.

last year we had already implemented a number of process improvements in equipment forecasting and quoting these rolled out in specific areas of the business and we are beginning to see the benefits


We are continuing to pursue business with the other prospect as well. In addition, we've started work on the incremental add-on services for an existing client that I also referred to last quarter.

we are continuing to pursue business with the other prospect as well in addition we have started work on the incremental add-on services for an existing client that i also referred to last quarter


And then we looked into all of the events that were categorized as abdominal attacks in a post-hoc analysis and divided them up into attacks where they're abdominal symptoms only

and then we looked into all of the events that were categorized as abdominal attacks in a post hoc analysis and divided them up into attacks where there are abdominal symptoms only


The T2-C was also a big hit, particularly among large brand owners who recognize the benefits of our compact, efficient, professional label press and its high return on investment.

the t2c was also a big hit particularly among large brand owners who recognized the benefits of our compact efficient professional label press and its high return on investment


Okay. So you're comfortable on that one. On Texas, I had thought also when we spoke last said it was going to be mostly a second half thing, perhaps subcontracting maybe with

okay so you're comfortable on that one on texas i had thought also when we spoke last that it was going to be mostly a second half thing perhaps with contracting maybe with


In terms of what we're looking at, we're really looking at a full spectrum of opportunities across each of our businesses in private equity, credit and real estate.

in terms of what we're looking at we're really looking at a full spectrum of opportunities across each of our businesses in private equity credit and real estate


While that increase was off a little base, we're excited about our prospects in this market going forward given the strong housing fundamentals on the positive response our new communities have received.

while that increase was off a low base we're excited about our prospects in this market going forward given the strong housing fundamentals and the positive response our new communities have received


While there were challenges in the quarterly revenue comparison as expected and communicated to you in February, we saw very positive trends in order activity and in industrial-related markets.

while there were challenges in the quarterly revenue comparison as expected and communicated to you in february we saw very positive trends in order activity in industrial-related markets


Despite some of the challenges we faced in the quarter on the top line, as Ken indicated, we were able to grow adjusted earnings by 24% and drive higher levels of free cash flow. I was really pleased by this.

despite some of the challenges we faced in the quarter on the top line as ken indicated we were able to grow adjusted earnings by 24% and drive higher levels of free cash flow i was really pleased by this


So I think we're really trying to just make sure that we understand the opportunity set from a growth standpoint. But I think once we kind of work to what we think is a good time in the cycle, I think we believe,

so i think we're really trying to just make sure that we understand the opportunity set from a growth standpoint but i think once we kind of work through what we think is a good time in the cycle i think we believe


through these efforts, will support our future programs and we think will continue to be a strategic advantage for Amicus and a very differentiating feature for our Company.

through these efforts will support our future programs and we think will continue to be a strategic advantage for amicus and a very differentiating feature for our company


And as you can see on the screen, there's a picture there of what this looks like in the post office in Leeds. Now this agency agreement will run for 5 years.

and as you can see on the screen there's a picture there of what this looks like in the post office in leeds now this agency agreement will run for 5 years


We have been expecting this -- I have been expecting this for several years, that this will come at one point, which hit -- actually started hitting the markets by the end,

and we have been expecting this -- i have been expecting this for several years that this will come at one point which hit -- actually started hitting the markets by the end


These grants were excluded from our adjusted results, and we expect that the funds expensed are not expected to be part of our run rate of our China business when the funds are exhausted.

these grants were excluded from our adjusted results and we expect that the funds expensed are not expected to be part of our run rate of our china business when the funds are exhausted


and we will continue our efforts to push the envelope here, and not only in the areas where we have built LTE today, but to make sure that LTE becomes available all over the place.

and we will continue our efforts to push the envelope here not only in the areas where we have built lte today but to make sure that lte becomes available all over the place


Building segment revenue was up modestly compared to the fourth quarter of last year as progress on newer projects more than offset volume reductions from projects that completed or are winding down.

building segment revenue was up modestly compared to the fourth quarter of last year as progress on newer projects more than offset volume reductions from projects that completed or are winding down


As we have discussed in the past, while we may be required to pay special dividends from time-to-time in the future, we want to operate with sustainable quarterly dividend covered by operating cash flow,

as we have discussed in the past while we may be required to pay special dividends from time to time in the future we want to operate with a sustainable quarterly dividend covered by operating cash flow


But most of the new area that much more when we offer in terms of the new proposition to the new target group of the customer -- our customer and also

but most of the new area that much more when we offer in terms of the new proposition to the new target group of the customer and also


then content service providers and cloud service providers and then the various segments, which are drawn by the deep and wide connectivity and cloud platforms. In

then content service providers and cloud service providers and then the various segments which are drawn by the deep and wide connectivity and cloud platforms


The transportation market, in particular, holds significant potential due to the emphasis on greater regional connectivity with several light rail and high-speed rail projects continuing to progress forward.

the transportation market in particular holds significant potential due to the emphasis on greater regional connectivity with several light rail and high-speed rail projects continuing to progress forward


We know that a great customer experience drives referrals, reduces the need for incentives as well as decreases warranty costs, all of which drive profitability and improve investor returns.

we know that a great customer experience drives referrals reduces the need for incentives as well as decreases warranty costs all of which drive profitability and improve investor returns


We have one lease in which we collect a portion of the rents in euros. In order to economically hedge our foreign currency risk, we partially finance this aircraft in euro-denominated debt.

we have one lease in which we collect a portion of the rents in euros in order to economically hedge our foreign currency risk we partially finance this aircraft in euro-denominated debt


but that doesn't mean we will certainly follow them on -- by increasing the number of hours. I think the decision of that will be based on the viewership available

but that doesn't mean we will certainly follow them on -- by increasing the number of hours i think the decision on that will be based on the viewership available


any historical investment we've made, which has really motivated us to supercharge it. We want to double the size of our footprint, and we're starting with that process right now.

any historical investment we've made which has really motivated us to supercharge it we want to double the size of our footprint and we're starting with that process right now


And we want to be sure that our company is on the one hand resilient, and you see that we are dealing now much better with these shocks than ever before, but at the same time also agile enough

and we want to be sure that our company is on the one hand resilient and you see that we are dealing now much better with these shocks than ever before but at the same time also agile enough


so we should get a little bit of benefit from that. But we'll see what happens. And the other big thing too is what are our competitors doing and what is the competitive pricing landscape out there if that were to happen.

so we should get a little bit of benefit from that but we'll see what happens and the other big thing too is what are our competitors doing and what is the competitive pricing landscape out there if that were to happen


Investors, potential investors and other listeners are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

investors potential investors and other listeners are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements


However, these projects are also competing with the needs in education, transportation and utility infrastructure, all of which are routinely prioritized over correctional infrastructure.

however these projects are also competing with the needs in education transportation and utility infrastructure all of which are routinely prioritized over correctional infrastructure


Please also note that percentage and basis points discussed are calculated using net sales, with the exception of advertising, which we'll be discussing in comparing to net online sales.

please also note that percentage and basis points discussed are calculated using net sales with the exception of advertising which we'll be discussing and comparing to net online sales


In addition, group contribution increased over 8% during the quarter, which provides evidence that meeting planners are continuing to spend at their events.

in addition group contribution increased over 8% during the quarter which provides evidence that meeting planners are continuing to spend at their events


In addition, the higher credit quality convenience check customer also qualifies for higher loan amount. And to get an effective response from this customer,

in addition the higher credit quality convenience check customer also qualifies for higher loan amount and to get an effective response from this customer


Now to be honest, we have not gotten the kind of response that we were thinking we might see on Ovation. Not as many people have taken us up on the offering. But we're going to continue to refine it and improve it.

now to be honest we have not gotten the kind of response that we were thinking we might see on ovation not as many people have taken us up on the offering but we're going to continue to refine it and improve it


Having said that, we had good comps this quarter, as we benefited from inflation and better execution through better blocking and tackling. We had a solid holiday period,

having said that we had good comps this quarter as we benefited from inflation and better execution through better blocking and tackling we had a solid holiday period


of those investments. So we're going to continue to monitor our performance quite closely, but we want to make sure that we remain nimble in our ability to capture opportunities as we see them

of those investments so we're going to continue to monitor our performance quite closely but we want to make sure that we remain nimble in our ability to capture opportunities as we see them


And I think the things that we're executing today have resulted in the progress we've made thus far and they're the same things that are going to drive us through '18. It's, as I said earlier, it's not really a new

and i think the things that we're executing today have resulted in the progress we've made thus far and they're the same things that are going to drive us through '18 it's -- as i said earlier it's not really a new


The expense growth is more than supported by revenue. In the event that the actual revenue reported is materially different than forecasted, the expense growth will not materialize as planned either.

the expense growth is more than supported by revenue in the event that the actual revenue reported is materially different than forecasted the expense growth will not materialize as planned either


and this doesn't need necessarily a very big spike in our cost of risk on top of where we are end of September because

and this doesn't need necessarily a very big spike in our cost of risk on top of where we are end of september because


We are already starting to see benefits, such as reduced gas consumption and fewer service calls. We believe that by the end of the year, we will be at a run rate of 30% to 40% fewer service visits.

we are already starting to see benefits such as reduced gas consumption and fewer service calls we believe that by the end of the year we will be at a run rate of 30% to 40% fewer service visits


Specific allowance for potential write-offs are conservatively established through detailed analyses of both the overall quality and marketability of security held against each individual impaired account.

specific allowance for potential write-offs are conservatively established through detailed analyses of both the overall quality and marketability of security held against each individual impaired account


the full year. Now that all being said, with respect to the dividend, as we said repeatedly, one of our core priorities around capital allocation is the sustainable dividend that grows over time. And so

for the full year now that all being said with respect to the dividend as we've said repeatedly one of our core priorities around capital allocation is the sustainable dividend that grows over time and so


can continue to be successful in the face of tougher comps. The combination of the launch of our DeWalt outdoor line as well as other enhanced products in conjunction with a more normal weather pattern this year

can continue to be successful in the face of tougher comps the combination of the launch of our dewalt outdoor line as well as other enhanced products in conjunction with a more normal weather pattern this year


Because of the size of the portfolio, large deals do have a disproportionate effect on spreads. Although, we are pleased with this quarter's results, we wouldn't expect to see these kinds of spreads on a recurring basis.

because of the size of the portfolio large deals do have a disproportionate effect on spreads although we're pleased with this quarter's results we wouldn't expect to see these kinds of spreads on a recurring basis


And we're bringing in new clients, too. So that's kind of from the retail side. On the commercial side, I think on the middle market business, we have done a better job at bringing clients with deposits

and we're bringing in new clients too so that's kind of from the retail side on the commercial side i think on the middle market business we have done a better job at bringing clients with deposits


The ancillary revenue strength from the Jetstar Group was assisted by the successful launch of plus 3 kilograms carry-on, increased catering and the bundling strategy.

the ancillary revenue strength from the jetstar group was assisted by the successful launch of plus 3 kilograms carry-on increased catering and the bundling strategy


As a reminder, restructuring charges are below the segment income line and are also an add-back under our bank credit facility calculation of EBITDA. With respect to revised full year segment targets.

as a reminder restructuring charges are below the segment income line and are also an add-back under our bank credit facility calculation of ebitda with respect to revised full year segment targets


I do want to take a moment and expand on the opportunities and the discipline required for the effective deployment of our cash.

i do want to take a moment and expand on the opportunities and the discipline required for the effective deployment of our cash


Pivotal clinical validation data from our multi-center prospective BRAVE trial for the Envisia classifier were presented at the American Thoracic Society Conference in May.

pivotal clinical validation data from our multi-center prospective brave trial for the ambizia classifier were presented at the american thoracic society conference in may


combined the benefit of all these, what I would classify as kind of self-help items, all else being equal, what's the dollar amount of savings you expect this year?

combine the benefit of all these what i would classify as kind of self-help items all else being equal what's the dollar amount of savings you expect this year


The increase in cost reflects higher development costs driven by the PIONEER program for semaglutide. This is partly countered by lower costs following the completion of the DEVOTE trial

the increase in cost reflects higher development cost driven by the pioneer program for oil semiacidite this is partly countered by lower cost following the completion of the devote trial


We are starting to observe the use of micro proppants in complex completions, with some 200 mesh sand being incorporated into some stimulation program. Core continues to test

we are starting to observe the use of microproppants in complex completions with some 200 mesh sand being incorporated into some stimulation programs core continues to test


like this one, from a sort of profitability and volume angle for competitors, do you think there's going to be a lot more attrition and opportunity for you to gain share and maybe pick up some depressed assets? Or how do you think about that going into 2017? I

like this one sort of profitability and volume angle for competitors do you think there's going to be a lot more attrition and opportunity for you to gain share and maybe pick up some depressed assets or how do you think about that going into 2017


and price the product accordingly. But we are actually leaning in, we are still leaning in kind of in the same way to help drive down LCOE and pass on a good chunk of the savings to our customers.

and price that's the product accordingly but we're actually leaning in -- we're still leaning in kind of in the same way to help drive down lcoe and pass on a good chunk of the savings to our customers


In particular, we have finished the integration of Barclays, we are quite advanced in the integration of Esperia and some key managers have been hired in this segment.

in particular we have finished the integration of barclays we are quite advanced in the integration of esperia and some key managers have been hired in this segment


small Ruko, which is not probably -- which won't meet a mortgage requirement of a conventional bank. It could even be a pledge of title deeds. So the collateral is not very similar. So there is a difference in

small rupee co which is not probably -- which won't meet a mortgage requirement of a conventional bank it could even be a pledge of title deeds so the collateral is not very similar so there is a difference in


One of the areas of focus that I'm most proud of is our work on improving our hiring and training processes. We believe that as our economy continues to grow and competition for the best employees increases,

one of the areas of focus that i'm most proud of is our work on improving our hiring and training processes we believe that as our economy continues to grow and competition for the best employees increases


choppy results or it's been spotty, at best. Can you just talk about the strength in this area that you're seeing and I guess, what makes the value proposition

choppy results or it's been spotty at best can you just talk about the strength in this area that you're seeing and i guess what makes the value proposition


That review is not completed at this time. The company does not expect to execute any definitive agreements until these issues have been resolved and any necessary regulatory approvals have been received.

that review is not completed at this time the company does not expect to execute any definitive agreements until these issues have been resolved and any necessary regulatory approvals have been received


Well, it does include some people in the QC area. It includes some additional customer support people based on the increased activity on a revenue basis.

well it does include some people in the qc area it includes some additional customer support people based on the increased activity on a revenue basis


That seems a little inconsistent with the guidance, which implies that your fourth quarter profits are going to be really high to make up for the miss in the beginning of the year. Sorry for the duration there.

that seems a little inconsistent with the guidance which implies that your fourth quarter profits are going to be really high to make up for the miss in the beginning of the year sorry for the duration there


We've been having conversations with the city for quite some time as they had been looking at highway improvements throughout the area.

we have been having conversations with the city for quite some time as they have been looking at highway improvements throughout the area


of LTL trailers, specially designed truck bodies and other product lines that specifically benefit from increasing demand in final mile and home delivery shipping trends.

of ltl trailers specially designed truck bodies and other product lines that specifically benefit from increasing demand in final mile and home delivery shipping trends


deliberately keeping some retailers in place at lower rents so we can facilitate the speed at which we're remixing. So all of those added together probably means that

deliberately keeping some retailers in place at lower rents so we can facilitate the speed at which we're remixing so all of those added together probably means that


And the fact that if we can leverage across this deep vertical confidence in so many different industries, and be able to put together cross industry solutions that really create competitive advantage for our customers,

and the fact that if we can leverage across this deep vertical competence in so many different industries and be able to put together cross-industry solutions that really create competitive advantage for our customers


Before I begin to discuss our results, I caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only.

before i begin to discuss our results i caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only


you will have a retailer give it a go, but it as never taken hold. And it -- so it probably will happen again from time to time. It's happening a little bit now in vegetables.

you will have a retailer give it a go but it has never taken hold and it -- so it probably will happen again from time to time it's happening a little bit now in vegetables


who are responsive to immune checkpoint inhibition, and to increase the depth and duration of benefit in those patients who have no or only partial responses

who are responsive to immune checkpoint inhibition and to increase the depth and duration of benefit in those patients who have no or only partial responses


The important message here now is that we have gone through now and concluded this review of our contracts, so our business of risks in the balance sheet,

the important message here now is that we have gone through now and concluded this review of our contracts or business of risks in the balance sheet


We believe this expansion will benefit the entire PV portfolio. The team has successfully transitioned our entire FM business to this specialty organization starting in the third quarter, and

we believe this expansion will benefit the entire pv portfolio the team has successfully transitioned our entire fm business to the specialty organization starting in the third quarter


We plan year-round to meet the intense challenges of the peak season as average daily volumes can more than double with heavy demand for residential e-commerce deliveries.

we plan year-round to meet the intense challenges of the peak season as average daily volumes can more than double with heavy demand for residential e-commerce deliveries


across our intermodal product, our truck brokerage and logistics, to be able to see capacity in the marketplace and to be able to give our customers visibility to that

across our intermodal product our truck brokerage and logistics to be able to see capacity in the marketplace and to be able to give our customers visibility to that


cumulative adjustment to reduce the steel price retroactively on an order already in backlog. This is because steel prices, which are a significant part of the cost of a tower, have been declining.

cumulative adjustment to reduce the steel price retroactively on an order already in backlog this is because steel prices which are a significant part of the cost of a tower have been declining


So then we started to sampling this product all over the world and then we picked up now the first sales. Although I see a lot of and great interest in this product,

so then we started to sampling this product all over the world and then we picked up now the first sales although i see a lot of and great interest in this product


So that's certainly what's going to cause -- now most of these programs, once they're gone through feed stage, they've committed -- they're going to spend the money they're going to go, so it's not a question of are they going to rejigger these programs. So

so that's certainly what's going to cost now most of these programs once they're gone through feed stage they've committed they're going to spend the money they're going to go so it's not a question of are they going to rejigger these programs so


One of the things that makes Snapchat so unique is our camera and how frequently it is used by our community. This is different from many other services where content is uploaded from other sources rather than created in-app.

one of the things that makes snapchat so unique is our camera and how frequently it is used by our community this is different from many other services where content is uploaded from other sources rather than created in-app


and Sean McGrath, Chief Financial Officer. Before we begin our comments on the financial results, we ask that you all take note of the cautionary language regarding forward-looking statements contained in the press release.

and sean mcgrath chief financial officer before we begin our comments on the financial results we ask that you all take note of the cautionary language regarding forward-looking statements contained in the press release


will afford us the ability to continue to strategically deploy capital and continue to utilize our leverage to execute on our strategic growth initiatives in alignment with our capital allocation strategy and drive shareholder value.


So we would hope to have some reduction in our inventory dollars by year-end. But I would not think that it's going to be

so we would hope to have some reduction in our inventory dollars by year-end but i would not think that it's going to be


With that, Dave will speak to you about our outlook. Our team is in the process of reviewing a number of high-quality properties which we believe could fit well into our current portfolio.

with that dave will speak to you about our outlook our team is in the process of reviewing a number of high-quality properties which we believe could fit well into our current portfolio


The medical community has also recognized the profound breakthrough that SPINRAZA represents for the treatment of SMA patients, with 2 publications in the New England Journal of Medicine, the most just a few weeks ago.

the medical community has also recognized the profound breakthrough that spinraza represents for the treatment of sma patients with 2 publications in the new england journal of medicine the most just a few weeks ago


Our goal this afternoon is to provide an overview of our recent operational progress along with reviewing our corporate priorities and updated financial results for the third quarter. After that, we look forward to answering your questions.

our goal this afternoon is to provide an overview of our recent operational progress along with reviewing our corporate priorities and updated financial results for the third quarter after that we look forward to answering your questions


packaging technology or current generation of smartphone features? Features, features. So all those features, they all have a life cycle and they all have

a packaging technology or current generation of smartphone features features yes so all those features they all have a life cycle and they all have


Fair enough, and it sounds like the Gateway business had another quarter that was probably a little better than you are looking for when you headed into the year, I think you are looking for that business to be,

fair enough and it sounds like the gateway business had another quarter that was probably a little better than you were looking for when you headed into the year i think you were looking for that business to be


Also a very good question. The short answer is no. And the reason is the way we've set up the trial is that we will collect all of the data on 52 weeks

also a very good question the short answer is no and the reason is the way we've set up the trial is that we will collect all of the data on 52 weeks


We are also helping customers build smarter relationships with their customers, and we are crafting the most secure and most flexible business platforms of the future.

we are also helping customers build smarter relationships with their customers and we are crafting the most secure most flexible business platforms of the future


having a larger share this year and generating very good returns. So those returns that Tim showed from last year, we are confident that, that's probably what we should now be expecting as we start to do some of

of having a larger share this year and generating very good returns so those returns that tim showed from last year we are confident that that's probably what we should now be expecting as we start to do some of those


That's all I'd like to say at this point on sales, marketing and manufacturing. I'd like to hand over to Mike to speak to the detail of the financial.

that's all i'd like to say at this point on sales marketing and manufacturing i'd like to hand over to mike to speak to the detail of the financial


There are a couple of other general factors, which I should mention, that do have an effect on our results. First, interest remains a significant factor in our earnings equation.

there are a couple of other general factors which i should mention that do have an effect on our result first interest remains a significant factor in our earnings equation


a disposable capsule instead of cassettes, which are open. So those are just examples of innovation. Innovation is absolutely contributing to our leadership there, as is the breadth of the portfolio

disposable capsule instead of cassettes which are open so those are just examples of innovation innovation is absolutely contributing to our leadership there as is the breadth of the portfolio


The large retail project that we are working continues to progress and our outlook for the project is unchanged. More broadly, we continue to see good growth across the retail vertical extending beyond the large project.

the large retail project that we are working continues to progress and our outlook for the project is unchanged more broadly we continue to see good growth across the retail vertical extending beyond the large project


So we have several measures in place to make sure we maintain this level or can even decrease this level. We have managed to get our personnel cost down 2 points

so we have several measures in place to make sure we maintain this level or can even decrease this level we have managed to get our personal cost down 2 points


This test will accompany our print messages, our growing e-mail campaigns and social and mobile efforts during our most important season of the year.

this test will accompany our print messages our growing e-mail campaigns and social and mobile efforts during our most important season of the year


human impact will be at the heart of every decision we make. We must honestly assess that what we are doing truly meets both, the functional and emotional needs of the people we serve.

human impact will be at the heart of every decision we make we must honestly assess if what we are doing truly meets both the functional and emotional needs of the people we serve


Attracting and fostering the talent and leadership necessary to advance our purpose and achieve our goal is a key priority, and I'm looking forward to Gail joining our team next week.

attracting and fostering the talent and leadership necessary to advance our purpose and achieve our goals is a key priority and i'm looking forward to gail joining our team next week


Before we begin, I'd like to remind you that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially

before we begin i'd like to remind you that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially


in terms of new business. So hiring the business development officers was an important step in that area. I think some of the technology changes that we've made here in the first quarter

in terms of new business so hiring the business development officers was an important step in that area i think some of the technology changes that we've made here in the first quarter


Phase 2 buildout, we are currently in active discussions with several other existing and prospective customers regarding future incremental capacity at Collins.

phase ii buildout we are currently in active discussions with several other existing and prospective customers regarding future incremental capacity at collins


want to get -- the business of predicting what Mother Nature is going to do out for the rest of the year. So -- but again, good results, a big driver of the positive outcome in the first quarter.

want to get in that the business of predicting what mother nature is going to do out for the rest of the year so -- but again good results a big driver of the positive outcome in the first quarter


Industry data suggests that restaurant sales have softened significantly in Denver, which has been exasperated by storms in late March and throughout April.

industry data suggests that restaurant sales have softened significantly in denver which has been exasperated by storms in late march and throughout april


As previously disclosed, we have actively marketed a subsidiary within the Products and Systems segment and are nearing a favorable outcome for those activities.

as previously disclosed we have actively marketed a subsidiary within the products and systems segment and are nearing a favorable outcome for those activities


Yes, and there has been a number of different transitions with the product over the last several years. But we're very confident in Metuchen's ability to really boost the product in the future.

yes and there's been a number of different transitions with the product over the last several years but we are very confident in metechan's ability to really boost the product in the future


Our management team has recently assessed the viability of development and validate there is potential to build well in excess of 10,000 net new apartments,

our management team has recently assessed the viability of development and validated there is potential to build well in excess of 10 000 net new apartments


in improving the profitability of the business for us in International. So I view that, well, much like I view the improvements that we've made at the Harris business over the last several years,

in improving the profitability of the business for us in international so i view that walt much like i view the improvements that we've made at the harris business over the last several years


We -- I mentioned that indeed, there are some fee events that have been pushed out. Don't forget I made that specific comment in the context of our

we -- i mentioned that indeed there are some few events that have been pushed out don't forget i made that specific comment in the context of our


through the home -- through homes versus behind the stores. I think we're going to have a fairly strong holiday season. Consumers seem to be in a pretty good mood so

through the home -- through homes versus behind the stores i think we're going to have a fairly strong holiday season consumers seem to be in a pretty good mood so


Because the cost of doing business will continue to rise and fee pressures will persist, we're implementing strategies to more aggressively manage expenses and improve productivity.

because the cost of doing business will continue to rise and fee pressures will persist we're implementing strategies to more aggressively manage expenses and improve productivity


And we do engage with them. I can't tell you that we'll get a booking next week or next month because of it. But we know that in the longer term, they'll see more value from our products.

and we do engage with them i can't tell you that we'll get a booking next week or next month because of it but we know that in the longer term they'll see more value from our products


and we split our model, we'll call it. We focused more on specific resources on new logo development and new logo sales and specific resources on

and we split our model we'll call it we focused more on specific resources on new logo development and new logo sales and specific resources on


in the face of the increasingly complex environment our customers are operating in. The fourth area of progress I would like to update on is the strengthening of our leadership team.

in the face of the increasingly complex environment our customers are operating in the fourth area of progress i would like to update on is the strengthening of our leadership team


This is an important element of AMG's diversification strategy in sensors. And our ability to build highly accurate sensors,

this is an important element of amg's diversification strategy in sensors and our ability to build highly accurate sensors


And the timing of those folks coming to Texas is somewhat dependent upon have they done a deal recently or are they on the sidelines. There's a whole bunch of timing aspects to that last bucket.

and the timing of those folks coming to texas is somewhat dependent upon have they done a deal recently or are they on the sidelines there's a whole bunch of timing aspects to that last bucket


so that is not one of the tissues that our internal work has involved. So that gives you a little bit more color, perhaps not as much as you'd like, but some additional color on where we stand.

so that is not one of the tissues that our internal work has involved so that gives you a little bit more color perhaps not as much as you'd like but some additional color on where we stand


Advancing these efforts position us to execute and operate a program in late 2019 or early 2020. We remain excited about the potential of our large acreage position

advancing these efforts position us to execute an operated program in late 2019 or early 2020 we remain excited about the potential of our large acreage position


Got it. So it sounds to me like this is really just a new paradigm and you guys need to find ways to mitigate that cost with some reductions or either higher prices from your customers. Exactly.

got it so it sounds to me like this is really just a new paradigm and you guys need to find ways to mitigate that cost with some reductions or either higher prices from your customers


Demand for these services continues to grow steadily, driven by increases in both the quality of property inventory and the propensity of Asian companies to outsource.

demand for these services continues to grow steadily driven by increases in both the quality of property inventory and the propensity of asian companies to outsource


And third, Marlin has been operating for almost 2 decades with an evolving set of business processes that need to be evaluated and renewed in order to improve the company's operating efficiency.

and third marlin has been operating for almost 2 decades with an evolving set of business processes that need to be evaluated and renewed in order to improve the company's operating efficiency


Discussions are also moving forward with potential mass production partners to help scale production. Our discussions have expanded, as we were recently approached by another group

discussions are also moving forward with potential mass production partners to help scale production our discussions have expanded as we were recently approached by another group


Good morning. My name is Nicole, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lindsay Corporation

good morning my name is nicole and i will be your conference operator today at this time i would like to welcome everyone to the lindsay corporation


We also improved our shipping and fulfillment expenses as a percentage of digital sales, while increasing the speed to customer by half a day overall.

we also improved our shipping and fulfillment expenses as a percentage of digital sales while increasing the speed to customer by half a day overall


The second quarter is seasonally the weakest quarter of the year. In addition, as you are aware, there has been a surge in the fuel prices and a significant depreciation in the Indian rupee during the quarter.

the second quarter is seasonally the weakest quarter of the year in addition as you are aware there has been a surge in the fuel prices and a significant depreciation in the indian rupee during the quarter


The soundness of these metrics reflects our philosophy of maintaining significant cushions to our borrowers' enterprise value in support of our capital preservation and income goals.

the soundness of these metrics reflects our philosophy of maintaining significant cushions to our borrowers' enterprise value in support of our capital preservation and income goals


of natural rubber, which then in turn makes it a biofuel. So what happens is, you end up

of natural rubber which then in turns makes it a biofuel so what happens is you end up


For the full year, we expect constant currency sales for this segment will be relatively flat and that the segment's annual gross profit margin will improve by 50 to 100 basis points

for the full year we expect constant currency sales for this segment will be relatively flat and that the segment's annual gross profit margin will improve by 50 to 100 basis points


We expect our working capital position to improve as revenue increases. We'll also get a boost as we receive more revenue from our recent forklift purchase orders.

we expect our working capital position to improve as revenue increases we'll also get a boost as we receive more revenue from our recent forklift purchase orders


hasn't really yielded anything yet that says that it wouldn't continue to be a growth. Now having said that, I was just in Washington last week meeting with both customers and some of our sellers,

has it really yielded anything yet that says that it would continue to be a growth now having said that i was just in washington last week meeting with both customers and some of our sellers


the majority of which took place on the SMC. This strong mineral resource space lends itself to potential reserve growth conversion in the future.

the majority of which took place on the smc and this strong mineral resource base lends itself to potential reserve growth conversion in the future


Going to Slide 7. With record production and a strong cost performance, we succeeded in generating solid financial results for the year.

going to slide 7 with record production and a strong cost performance we succeeded in generating solid financial results for the year


levels of volumes and applications and fundings. Do you think it's an opportunity -- I mean, perhaps the growth will slow, but it's an opportunity to get an even higher grade of credit quality in the portfolio? Because you

levels of volumes and applications and fundings do you think it's an opportunity -- i mean perhaps the growth will slow but it's an opportunity to get an even higher grade of credit quality in the portfolio because you'll


of the book where you have sort of longer-term duration contracts, and then you talked to those that have sort of already raised a ton of capital. I mean, as you sort of continue to look at

of the book where you have sort of longer-term duration contracts and then you've talked to those that have sort of already raised a ton of capital and as you sort of continue to look at


In this effort, I believe the fundamentals speak for themselves. Out of nowhere, relative to typical time frames in this industry, we are poised to become the leading provider of inherited genetic testing services in the next 12 to 18 months.

in this effort i believe the fundamentals speak for themselves out of nowhere relative to typical time frames in this industry we are poised to become the leading provider of inherited genetic testing services in the next 12 to 18 months


The rest, it was really made of investment in the development of the training material for the new POS system that will be

the rest was really made of investment in the development of the training material for the new pos system that will be


We have materials and manufacturing capacity to achieve our customer schedules, and we do not anticipate additional cost for fulfillment as we experienced last year during our busy season.

we have materials and manufacturing capacity to achieve our customer schedules and we do not anticipate additional costs for fulfillment as we experienced last year during our busy season


We're developing new projects with attractive returns that complement our strategy. And by doing all of this well, we can continue to reward our shareholders with solid distributions.

we're developing new projects with attractive returns that complement our strategy and by doing all this well we can continue to reward our shareholders with solid distributions


I would also add that, as Marty talked about obsolescence, we're also making sure that, that plays a part going forward in what we call our line review process so that we're thinking about

i would also add that as marty talked about obsolescence we're also making sure that that plays a part going forward in what we call our line review process so that we're thinking about


which means it can be expensed for that -- so it will actually be reduced from the expenses for that year. So this pushes up profit figures.

which means it can be expensed for that particular -- so it will actually be reduced from the expenses for that year so this pushes our profit figures


Of course during the first weeks of the fourth quarter, we've seen increased volatility and we've seen virtually every fixed income sector widen relative to Treasuries. We believe that this environment again underscores the importance

of course during the first weeks of the fourth quarter we've seen increased volatility and we've seen virtually every fixed income sector widen relative to treasuries we believe that this environment again underscores the importance


and we adjust for Fidelity in terms of the extra couple of months that we got year-to-date and adjust them out of kind of the revenue and out of the occupancy impact

and we adjust for fidelity in terms of the extra couple of months that we got year-to-date and adjust them out of kind of the revenue and out of the occupancy impact


And I'm pleased to report this quarter that we won 2 new nonfinancial institution pieces of business in the quarter. These wins represent some early success for us in this area.

and i'm pleased to report this quarter that we won 2 new nonfinancial institution pieces of business in the quarter these wins represent some early success for us in this area


But I would tell you, the commercial structure will be such that it will certainly underpin the substantial investments required for these LNG projects.

but i would tell you the commercial structure will be such that it will certainly underpin the substantial investments required for these lng projects


And what we've seen through the first half of the year is as we've increased our sales volume, our production volumes, we're gradually starting to absorb back more and more of that additional overhead cost.

and what we've seen through the first half of the year is as we've increased our sales volume our production volumes we're gradually starting to absorb back more and more of that additional overhead cost


space, as you heard this morning, is a game changer for churches and a massive opportunity for Blackbaud. We also continue to execute against our 4-point growth strategy,

space as you've heard this morning is a game changer for churches and a massive opportunity for blackbaud we also continue to execute against our 4-point growth strategy


we talked -- that's one of the reasons why handbags is being relaunched. Same thing with what's in the outlet stores, we want what's in the outlet stores to be reflective of the Vince brand because we think that customer, in many ways,

that's one of the reasons why handbags is being relaunched same thing with what's in the outlet stores we want what's in the outlet stores to be reflective of the vince brand because we think that customer in many ways


Starting later this year, we also expect to see initial cash flows from our first multi-family development in Toronto, followed by contributions from other buildings as they come on stream in the years ahead.

starting later this year we also expect to see initial cash flows from our first multifamily development in trump followed by contributions from other buildings as they come on stream in the years ahead


I think what worked in terms of programs 15 years ago no longer works. Engagement with the youth in these areas remains a critical part of our future long-term success.

i think what worked in terms of programs 15 years ago no longer works engagement with the youth in these areas remains a critical part of our future long-term success


It's not increasing, but it is at a healthy margin for the business that we want. So we're doing all types of things to try to find new areas of business and you hear people talking about direct and all these different things,

it's not increasing but it is at a healthy margin for the business that we want so we're doing all types of things to try to find new areas of business and you hear people talking about direct and all these different things


Large deal, we started working. We put together a large deal team almost 18 months ago now. And for the first time in our company, we started working with the advisers and the influencers community.

large deal we have started working we put together a large deal team almost 18 months ago now and for the first time in our company we started working with the advisers and the influencers community


when you think about it, we're probably arguably one of the highest growth rates in the industry. And what I want to do today and with our team is explain how solid this really is and

when you think about it we're probably arguably one of the highest growth rates in the industry and what i want to do today and with our team is explain how solid this really is and


which we see as the ticket of entry at the utilities and economic imperative at the Generation business. And I'm happy to report that the third quarter was operationally strong.

which we see as the ticket of entry at the utilities an economic imperative at the generation business and i'm happy to report that the third quarter was operationally strong


and turn them into liquids assets. Whether those are crude -- whether those would move crude or whether those would move NGLs. So we would also evaluate our ability to do that.

and turn them into liquids assets whether those are crude -- whether those would move crude or whether those would move ngls so we would also evaluate our ability to do that


and that they don't start moving more aggressively on price. The likely timing for that would be beginning of calendar 2019. But of course, depending upon how hot things get, we could always go sooner.

and that they don't start moving more aggressively on price the likely timing for that would be beginning of calendar 2019 but of course depending upon how hot things get we could always go sooner


And we will continue to prepare the bank for the future, which means that, when these heavy regulatory implementation projects come in, we will not slow down in the other key agendas for the future bank.

and we will continue to prepare the bank for the future which means that when these heavy regulatory implementation projects come in we will not slow down in the other key agendas for the future bank


And we need to do that because we understand that, firstly, just to be in a position to be able to service the business that we see coming down the road, we have to achieve all this.

and we need to do that because we understand that firstly just to be in a position to be able to service the business that we see coming down the road we have to achieve all this


strategic understanding of the marketplace and how other companies like the ones that are being started by the VCs think and how they want to work with us. And just on a pure revenue basis

strategic understanding of the marketplace and how other companies like the ones that are being started by the vcs think and how they want to work with us and just on a pure revenue basis


National Accounts also remained in the high single digits. And as expected, Government was negative in the quarter, weighing down our overall growth rate.

national accounts also remained in the high single digits and as expected government was negative in the quarter weighing down our overall growth rate


we are already leaving this bottom. And your question about Europe, of course, the prices in Europe are slightly higher than prices in China. European clients

we are already leaving this bottom and your question about europe of course the prices in europe are slightly higher than prices in china european clients


These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass' filings with the Securities and Exchange Commission. The information discussed during the call is presented in light of such risks.

these risks uncertainties and contingencies are indicated from time to time in tecnoglass's filings with the securities and exchange commission the information discussed during the call is presented in light of such risks


The first is earnings per share. The negative was an increased repo rate on the Agency portfolio. The positive was more assets allocated to the Non-Agency strategy

the first is earnings per share the negative was an increased repo rate on the agency portfolio the positive was more assets allocated to the non-agency strategy


the choice has to be made because we are so focused on paying down debt and we're going to have some excess cash. Now look, if we're -- we have a better cash picture than what we're talking about right now,

the choice has to be made because we're so focused on paying down debt and we're going to have some excess cash now look if we're -- if we have better cash picture than what we're talking about right now


Our efficiency efforts should be reflected in operating margin improvement over time, as legal costs normalize and we begin to see the full annual impact of our expense management activities.

our efficiency efforts should be reflected in operating margin improvement over time as legal costs normalize and we begin to see the full annual impact of our expense management activities


having to bring in additional resources to fill those gaps, which we expected to happen. As you're reducing resources, you're going to uncover things in the operations that need to be addressed.

having to bring in additional resources to fill those gaps which we expected to happen as you're reducing resources you're going to uncover things in the operations that need to be addressed


now representing nearly 10% in the third quarter of 2015. We believe Reliance remains very well-positioned to gain market share in this area on a global basis.

now representing nearly 10% in the third quarter of 2015 we believe reliance remains very well positioned to gain market share in this area on a global basis


in relation to the results for the comparable period last year. Reconciliations of the adjusted financial results to comparable GAAP financial measures are included in our earnings release

in relation to the results for the comparable period last year reconciliations of the adjusted financial results to comparable gaap financial measures are included in our earnings release


Our release and today's commentary include non-GAAP financial measures, which exclude the impact of restructuring, acquisition and divestiture expenses and charges in current year results

our release and today's commentary include non-gaap financial measures which exclude the impact of restructuring acquisition and divestiture expenses and charges in current year results


The proceeds received from the equity offering along with our revolver assure that we have sufficient cash available to repay the outstanding debt of Seventy Seven Energy.

the proceeds received from the equity offering along with our revolver assure that we have sufficient cash available to repay the outstanding debt at 77 energy


the equipment's expensive, the techs are very specialized, and they're not easy to hire and there's a lot of process around doing FISH and doing multiple menu, FISH menus, like we have, we have over 60 different FISH

the equipment expense of the techs are very specialized and they're not easy to hire and there's a lot of process around doing fish and doing multiple menu -- fish menus like we have over 60 different fish


and leverage it appropriately. And so we will keep our eyes out for opportunities that may make sense for us that we can extract an appropriate return and add value to the business longer term.

and leverage it appropriately and so we will keep our eyes out for opportunities that may make sense for us that we can extract an appropriate return and add value to the business longer term


but also benefiting from some fairly significant market trends that are pushing business into areas that we care most about such as


our operational and geographical spread continued to provide good natural hedges and our EBITDA margin remains well protected against these currency fluctuations.

our operational and geographical spread continue to provide good natural hedges and our ebitda margin remains well protected against these currency fluctuations


However, it's the bigger piece of activity to open up our platform to third-party technologies that will take some time to land but once -- will lay an important foundation the business will benefit for many years to come.

however it's the bigger piece of activity to open up our platform to third-party technologies that will take some time to land but once we'll lay an important foundation the business will benefit for many years to come


in the second quarter of 2015. This is a direct result of our ability to drive organic growth within desired specialties and procedure type within our system.

in the second quarter of 2015 this is a direct result of our ability to drive organic growth within desired specialties and procedure type within our system


Strong global oil demand growth and U.S. product exports will continue to give us opportunities in our Central and South American franchises.

strong global oil demand growth and u s product exports will continue to give us opportunities in our central and south american franchises


while the renovations are, I think, done very well, we can't sell rooms that we don't have and we didn't have that in the initial numbers at the beginning of the year, but it is in our guidance now.

while the renovations are i think done very well we can't sell rooms that we don't have and we didn't have that in the initial numbers at the beginning of the year but it is in our guidance now


was the partnership with Korean Re is established through a swap arrangement and the outgoing premium contributes that increased reinsurance spend.

was the partnership with korean re is established through a swap arrangement and the outgoing premium contributes to that increased reinsurance spend


from the automotive industry in the second half of the year. The direct industry segment grew by 9.1%, thanks to the strong demand from the electronics and automotive sectors

from the automotive industry in the second half of the year the direct industry segment grew by 9 1% thanks to the strong demand from the electronics and automotive sectors


where, over time, our inventory levels and product costs will decline and margins will be enhanced. Once again, execution and results take time.

where over time our inventory levels and product costs will decline and margins will be enhanced once again execution and results take time


and the attractiveness of MAP itself, we think, is enhanced by the addition of the index products. And then once it leaves and that percentage which goes to Navigator how much migrates to nonproprietary product

and the attractiveness of map itself we think is enhanced by the addition of the index products and then once it leaves and that percentage which goes to navigator how much migrates to nonproprietary product


Before turning the microphone over to Leeny, let me thank Marriott's associates around the world. They are shouldering the burden of integrating Marriott and Starwood even as they deliver excellent results

before turning the microphone over to leni let me thank marriott's associates around the world they are shouldering the burden of integrating marriott and starwood even as they deliver excellent results


And finally, we remain on track with our discovery efforts on other rare disease targets and expect to announce one new program that will enter preclinical development by year-end.

and finally we remain on track with our discovery efforts on other rare disease targets and expect to announce one new program that will enter preclinical development by year-end


The reconciliation in our press release separately presents our results of operations from those of the drop-down assets' predecessor prior to our ownership.

the reconciliation in our press release separately presents our results of operations from those of the drop-down asset's predecessor prior to our ownership


continue to grow our margin capture inside the store. And then we'll continue to look and identify long term to find the right dealers to go into those stores that can be a success for us in the long term.

continue to grow our margin capture inside the store and then we'll continue to look and identify long term to find the right dealers to go into those stores that can be success for us in the long term


Residential and small commercial customers who install solar will now receive a monthly bill credit for excess energy exported to TEP's distribution system.

residential and small commercial customers who install solar will now receive a monthly bill credit for excess energy exported to tep's distribution system


As we look ahead, we remain focused every day on the fundamentals, managing costs, winning new business and executing well on what we've already won.

as we look ahead we remain focused every day on fundamentals managing costs winning new business and executing well on what we've already won


taken all this into consideration. I don't think what happened 2 years ago will not occur again. The objective conditions just isn't there anymore.

taken all these into consideration i don't think what happened 2 years ago will not occur again the objective conditions just isn't there anymore


We grew slightly above the first quarter, almost 15%. And in the whole year, the growth is almost 4% in the first half of the year, which can be

we grew slightly above the first quarter almost 15% and in the whole year the growth is almost 4% in the first half of the year which can be


We expect our second quarter site level operating expense year-over-year growth may decelerate modestly compared to site level operating expense growth in the first quarter

we expect our second quarter site level operating expense year-over-year growth may decelerate modestly compared to site level operating expense growth in the first quarter


and looking forward to more demonstrable results from our acquisition integration activity. In a quarter that was both supply-rich and characterized by stretches of rising fuel costs,

and looking forward to more demonstrable results from our acquisition integration activity in a quarter that was both supply rich and characterized by stretches of rising fuel costs


the effect for the society and for the company, but then I think there is an effect for the company that is much more important than the saving as such and that is we expect

the effect for the society and for the company but then i think there is an effect for the company that is much more important than the saving as such and that is we expect


Sales continued to vary by location, but we're generally seeing good growth across most airports, both the big international ones and the smaller regional ones.

sales continue to vary by location but we're generally seeing good growth across most airports both the big international ones and the smaller regional ones


that our entire sales process is integrated with engineering. This means we are particularly adept at providing solutions that our enterprise customers need and want.

that our entire sales process is integrated with engineering this means we are particularly adept at providing solutions that our enterprise customers need and want


Display and Packaging productivity was negative almost entirely due to issues in our retail security packaging business associated with the influx of new business.

display and packaging productivity was negative almost entirely due to issues in our retail security packaging business associated with the influx of new business


As a result, we are seeing customers engaging Applied in earlier and deeper collaborations to develop unique solutions focused on device performance and yield.

as a result we are seeing customers engaging applied in earlier and deeper collaborations to develop unique solutions focused on device performance and yield


We are particularly excited by our work with Amazon, a critical component of the online marketing and distribution spectrum, as they will serve as another distributor for us.

we are particularly excited by our work with amazon a critical component of the online marketing and distribution spectrum as they will serve as another distributor for us


Reynolds American had a very successful first 9 months of the year with strong financial performance across each of its operating companies, along with the successful completion of our integration process.

rentals american had a very successful first 9 months of the year with strong financial performance across each of its operating companies along with the successful completion of our integration process


Now I'd like to shift to our operating priorities. We continue to make strong progress against driving growth in our core and adjacent markets, accelerating innovation and investing in our people.

now i'd like to shift to our operating priorities we continue to make strong progress against driving growth in our core and adjacent markets accelerating innovation and investing in our people


for Aeroplan. Before we come back to the overall strategy around coalitions and contract renewals, let me touch briefly on Slide 17, to cover performance in international coalitions in the quarter.

before we come back to the overall strategy around coalitions and contract renewals let me touch briefly on slide 17 to cover performance in international coalitions in the quarter


Our 2019 capital spending will be primarily focused on two areas. Expanding our logistics capabilities through the growth of our wellsite storage solutions fleet,

our 2019 capital spending will be primarily focused on 2 areas expanding our logistics capabilities through the growth of our wellsite storage solutions fleet


do you have any color you could provide on what percentage of adjusted EBITDA comes from servicing? Is it well more than half? Considering the size and duration of the servicing portfolio

do you have any color you could provide on what percentage of adjusted ebitda comes from servicing is it well more than half considering the size and duration of the servicing portfolio


As we look to bring more operated capital into our 2019 budget, we are working to accelerate additional identified recompletions and infill drilling locations.

as we look to bring more operated capital into our 2019 budget we are working to accelerate additional identified recompletions and infill drilling locations


Like we said in the call, we would have preferred to invest the majority of that in credit. It's just difficult getting the right types of credit assets on the books at the yields that we want to have

like we said in the call we would have preferred to invest the majority of that in credit it's just difficult getting the right types of credit assets on the books at the yields that we want to have